‘China plans to invest $1b in development projects in Pakistan’

ISLAMABAD: The pace of development projects under the China-Pakistan Economic Corridor (CPEC) is satisfactory, said Ambassador of China to Pakistan Yao Jing

Talking to a delegation at the Islamabad Women’s Chamber of Commerce and Industry (IWCCI), led by its Founder President Samina Fazil, he said that that the second phase of the China-Pakistan Free Trade Agreement (CPFTA) will be finalised in October after which 90% of Pakistani exports including agricultural products and seafood will attract a zero percent duty.

“Market access will increase Pakistan’s exports by $500 million, which will reduce the disparity between bilateral trade,” said Yao.

He informed participants that China has planned to invest $1 billion in development projects.

He expressed appreciation for the suggestions forwarded by IWCCI to boost bilateral trade and added that he would try to establish a close liaison between women associations of China and women entrepreneurs of Pakistan.

The envoy remarked that Chinese businesswomen would be invited to participate in the fifth Islamabad Expo scheduled in November to explore the market and promote networking.

“In addition, women entrepreneurs of Pakistan would be sent to China to participate in the expos and explore business opportunities,” he added.